S'pore posts strongest IPO showing since 2019, with over $2b raised: Deloitte

Report notes regional market is placing more emphasis on fewer but larger deals

- Benjamin Lim Correspondent

Singapore's public offering performance in 2023 was largely driven by two blockbuster real estate investment trust listings - NTT DC Reit's US$773 million and Centurion Accommodation Reit's S$772 million IPOs. PHOTO: SGX

(PHOTO: SGX)

Singapore recorded its strongest initial public offering (IPO) performance in six years, setting the stage for an even more positive pipeline in 2026, according to professional services firm Deloitte.

In its report released on Nov 18, Deloitte also noted a shift in the sizes of IPOs and sector dynamics, with the Southeast Asian market placing more emphasis on fewer but larger deals.

Singapore recorded nine deals raising US$L6 billion (S$2.08 billion) in the first 1012 months of 2025 — its highest proceeds since 2019’s US$2.26 billion.

In contrast, there were only four listings in 2024 and six in 2023, which raised US$34 million and US$35 million in proceeds, respectively.

The strong performance in 2025 was largely driven by two blockbuster real estate investment trust (Reit) listings - NTT DC Reit’s US$773 million and Centurion Accommodation Reit’s $$771.1 million IPOs — thanks to a lower interest rate environment and improved market sentiments on the back of regulatory and market reforms.

Singapore also raised the highest proceeds from its IPOs among Southeast Asian countries, amid a rebound in the region’s capital markets, according to the report.